Daily Market Analysis (SHORT TERM) Tuesday 11/13/12

Confirmation of a bottom with a range violation on 11/07/12 @ 1402.25 Confirmation of a top with a close violation on 11/07/12 @ 1402.25. Downside Targets = 1378.25 – 1367.50.

Inside VRCB generated on Monday.

The December S&Ps put together a small gain on Monday in a thin trading session as it was able to just barely close above the day’s mid-range while failing to follow through on last week’s bearish close indicator.

Look for the S&Ps to drop lower in Tuesday’s trading before violating last week’s low and possibly extend the losses further towards our Q4 downside objective of 1334.75.

Confirmation of a bottom with a range violation on 11/07/12 @ 1721.00. Confirmation of a bottom with a close violation on 11/07/12 @ 1727.60. Upside Targets = 1749.70 – 1769.10.

Possible confirmation of a top with a range violation @ 1725.10. Possible confirmation of a top with a close @ 1725.10 or lower.

December Gold finished Monday’s session virtually unchanged as Friday’s VRCB trading range is setting up as a solid resistance spot in the market and could lead to a Short Term correction to retest the $1,700/oz. level with a close below Monday’s low of $1,725.20.

About the Author

Parrish Hicks Capital Research is a trading and technical analysis firm that specializes in Energy and Metal commodity futures. The two founders, Jim Parrish and Kris Hicks, have a combined 38 years’ experience in the commodity business and in 2011 accurately forecasted both $25 moves to the downside in May and July and the $25+ move to the upside in October. They also called the all-time high day for Gold on September 6, 2011 and forecasted a projected downside target of 1528.10 in March 2012. Their trading methodology has a high degree of accuracy which confirms tops/bottoms, projected trading ranges and projected targets for those ranges. Their expertise is focused on 16 commodities plus the comparable ETF markets. You can reach them at Jim@ParrishHicks.com and Kris@ParrishHicks.com or at www.ParrishHicks.com.